Hispanic home buyers account for 70% of new home purchases, study says

Local News

ROCKTON, Ill. (WTVO) — According to a recent study, Hispanic home ownership has grown in the last six years, with 50% of adult Hispanic Americans owning a home in 2020.

Although Hispanics make up only 5.2% of U.S. homeowners, a new report by Refin shows that Hispanic and Latino homeowners have made huge strides towards homeownership over the last six years, at a much faster pace than white or Black Americans, with 50.1% of Hispanics living in their own homes in 2020, up from 45.4% in 2014.

Yanet Escobedo was, until recently, a stay-at-home mom who became a real estate agent with Keller Williams. She’s been enjoying a successful start, in part, she says, because Hispanic homebuyers can relate to her.

“To be honest, I think like 70% [of new homeowners] are Hispanic, and 30% are other nationalities,” she said.

Hispanic Realtors are underrepresented in the local market, as an estimated 6.25% of local Realtors are Hispanic, well below their makeup of 18.5% of the U.S. population.

Ivette Rojas enlisted Escobedo’s help to buy a home in Rockton.

“I was looking for about 6 months and it was difficult, because if it’s not one thing, it’s another,” she said. “My worries and concerns are all the hidden costs or just all the information that we don’t know, as first time homebuyers.”

Rojas said it was helpful to have Escobedo advise her on her homebuying journey.

“Even [noncitizens] who have [Individual Taxpayer Identification Numbers], they’re trying to find a way to find a way to get a house as well,” Escobedo said.

“Everything is possible,” Rojas added. “Nothing worth having comes easy, but it’s 100% worth it when you think about it as your future. [Home ownership] is going to be the best decision for your future.”

The study also showed a big increase in Hispanic homeownership is buyers receiving financial assistance from other family members.

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